Credit Crunch - is it still possible to shop around? 
Added : 10th June 2008
Nick Edwards
Based on information provided by Experian, business failures in 2008 are up 8.5% compared to 2007. This mostly affected financial services and property; food and retailing.
The East Midlands was particularly hit with an increase of some 53.6%
Nick Edwards, Director of Business Turnaround Recovery & Insolvency at Regional Business Advisers Cooper Parry said “To avoid being a statistic there are very simple steps that you can take to reduce your business risk:-
- Preparing even simple accounts will allow you to know where you are;
- Don’t bury your head in the sand; and
- Conserve cash.”
Businesses shouldn’t underestimate the importance of making sure the right finance is in place.
Nick Edwards commented “If you don’t wait until the eleventh hour there are still options for refinance even with the credit crunch. You need to approach potential funders in the right way and if necessary get specialist advice. The key is to have a proper plan.”
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